Diversity Insight: Partnering to nurture BIPOC, women-owned small businesses and nonprofits

Verity CU works with Flex Fund to provide flexible working capital loans.

Small businesses are the heartbeat of our communities, providing localized services and responding to needs felt uniquely by people like them. That’s why it’s so important to us at Verity Credit Union to make sure we’re reaching the community we strive to serve in all ways possible. This fall, our mission led us to pursue a partnership with Small Business Flex Fund, a new resource established and supported by the Washington State Department of Commerce to help small businesses and nonprofits access the financial support they need to thrive.

Flex Fund enables small businesses and nonprofits to borrow up to $150,000. The money can be spent flexibly, including on payroll, utilities and rent, supplies, marketing and advertising, building improvements or repairs, and other business expenses. Flexible working capital loans with low-interest rates and a long, 60-month repayment timeline are essential components for small businesses as they seek to grow, adapt and compete.

Participation in the Flex Fund deeply aligned with our growing membership needs and supported our larger strategy of helping more businesses and nonprofits throughout the Northwest, especially small businesses owned by women and BIPOC (black, Indigenous and people of color) community members.

 

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